P. R. Sundar, the noted expert, has explained an options strategy which has limited risk and high potential for gain. In fact, the maximum profit from the strategy is a whopping 58% of the margin deployed. The strategy is known as the Butterfly. It involves buying one lot at one strike price, selling twice the quantity at a higher strike price and buying one more lot at an even higher price.
Unfortunately, P. R. Sundar has not explained how adjustments should be made if the Nifty either surges or plunges.